Worcester-based Advanced Cell Technology says has secured a $5 million credit facility to fund the development of cells intended to treat diseases of the eyes.
The company says the fund, from which ACT can draw funds by issuing company convertible preferred stock, should be enough to fund a Investigational New Drug application with the U.S. Food and Drug Administration this summer and subsequently to complete Phase I and Phase II studies of the cell program in humans.
ACT, which trades over-the-counter stocks on the pink sheets system, is not required to meet the minimum requirements of or file with the U.S. Securities and Exchange Commission. It did not identify the investor that put up the $5 million. The company said the investor is “an affiliate of a large shareholder in Advanced Cell.”
